If you’re in the construction, demolition, or remodeling business, chances are you’ve waste recycled scrap metal. Ever wonder what determines the monetary value of various scrap metals? Here are a few factors:
1) The Global Marketplace: Overseas markets, especially China, play a significant role in determining US values as more than half of all US scrap metal is exported.
2) The Home Market: The overall health of The New York Stock Exchange also impacts the price of metals.
3) It’s the Economy, Stupid! Car sales are a good indicator of what happens in the scrap metal industry; when new sales are down, steel production is likely to be down. When demand increases, expect increases in scrap yard prices.
4) Who’s Buying? Like all businesses, scrap metal sellers want to make a profit. It’s a supply/demand balance between what sellers can charge and what buyers will bear. Location, type of metal, and demand can fluctuate.
5) Scrap yards and Scrappers: While catering primarily to a local market with smaller demand, scrap yard often have flexible pricing. Scrappers develop relationships with scraps yards to ensure they’ll receive the best prices for their materials.
WasteCare Wants You to Remember: Scrap metals have value so if you’re putting them in with your waste disposal materials you’re losing money! It pays to develop knowledge of the local and regional scrap yards and dealers in your area and do research to make sure you get the best price for your recycled metals!